E*Trade registers secondary offering for $2.28 billion of 8%, 7 3/8%, 7 7/8%, 12½% notes

By Angela McDaniels

Tacoma, Wash., May 19 - E*Trade Financial Corp. registered a secondary offering for up to $2.28 billion of notes in an S-3 filing with the Securities and Exchange Commission on Friday.

Included under the filing are:

• $229.25 million of its $500 million 8% senior notes due 2011;

• $256.61 million of its $600 million 7 3/8% senior notes due 2013;

• $124.6 million of its $300 million 7 7/8% senior notes due 2015;

• $1.52 billion of its $1.79 billion 12½% springing-lien notes due 2017 issued on Nov. 29; and

• All of the $150 million 12½% springing-lien notes due 2017 issued on Jan. 18.

The proposed offering prices are 91.25 for the 8% notes, 84.69 for the 7 3/8% notes, 82.63 for the 7 7/8% notes and par for the 12½% notes.

The notes may be sold from time to time by the selling noteholders.

The company also registered a secondary offering of 94.87 million shares of its common stock for up to $3.97 each for a maximum offering of $376.64 million.

The New York-based E*Trade family of companies provides financial services including trading, investing, banking and lending for retail and institutional customers.

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